The German economy shrank by a record 10.1% in the second quarter as the full impact of the pandemic crisis hit Europe’s largest economy.
This is the largest quarterly decline since records began in 1970 and a bigger drop than the 2009 financial crisis, when the economy contracted 4.7% in one quarter.
According to the data from Germany’s National Statistics Office, a massive slump was recorded for exports and imports of goods and services as well as housing spending.
The numbers: Germany has recorded almost 209,000 cases and more than 9,000 deaths, according to Johns Hopkins University figures. The country's center for disease prevention, the Robert Koch Institute, reported that case numbers spiked on Friday and have been rising in recent weeks following the relaxation of lockdown measures.